Like Oliver Steele and his family, we have a No TV. I have had one so long that I find it hard to imagine life without it, so I find it harder to assess the benefits than he does.
I certainly do not know how we could manage without the time it generates. Something would certainly have to go. Perhaps reading, or spending time with my children (who would also have less time to spend with me without one).
It does feel odd having this unusual luxury. People seem to become very defensive about not having one themselves, so I try not to talk about it too much. I can see some people might regard it as a status symbol, but my reasons for having one are simply because I like it.
In addition to the time generated, it saves a bit of money. Most of all it is also a wonderful motivating device to get you doing things.
Some people will tell you that the extra time is too much for children and finding things for them to do is a problem. I think that if they easily adjust to having a No TV. My five year old daughter (who, admittedly has grown up with a No TV) spends the extra time reading, listening to story podcasts and playing. Her playing is often imaginative and educational. We do have to spend a bit more time playing with her, but probably less than the No TV generates for us. Anyway, I had children to enjoy spending time with them.
I also think No TVs have enormous social benefit. People tend to spend the extra time they generate constructively, and often socially.
Having a No TV will not make you popular with those who do not have one, especially those who are incapable to using one. It does make your life better.